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Author Question: Refer to Figure 14.1. The substitution effect of the wage increase on the amount of hours of leisure ... (Read 66 times)

saliriagwu

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on: Jul 1, 2018
Refer to Figure 14.1. The substitution effect of the wage increase on the amount of hours of leisure is:
 
  A) L1 to L0
  B) L1 to L2.
  C) L0 to L2.
  D) L0 to L1.
  E) none of the above

Question 2

The cost-output elasticity is used to measure
 
  A) input substitution flexibility.
  B) the slope of the firm's expansion path.
  C) the slope of long-run average cost.
  D) the slope of long-run marginal cost.
  E) economies of scale.


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CharlieArnold

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Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

E


saliriagwu

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

blakcmamba

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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